The growth experienced by the industry comes hand in hand with technology and many more transformations are approaching with the penetration of Artificial Intelligence in retail Update your knowledge here!
artificial intelligence is a term used increasingly with more frenquency. He went from the plane of science fiction, which somehow first introduced the subject, to real life, in which he stomps thanks to the possibilities offered by this technology.
Terms such as AI or machine learning are becoming more and more familiar and the retail industry is not immune to this reality. Given its importance, we will update valuable information below to stay one step ahead of this revolutionary technology.
Experts in the field of AI in retail predict that a competitive advantage is expected for most companies that apply it in the next five years. Advanced analytics is the technology that the majority of retailers (88%) believe will change their organizations in just half a decade.
There are so many potentialities of AI in retail that it is expected that by 2020, retailers will use artificial intelligence (AI) to refine precision and thus accelerate decision making human, exceeding current levels.
Although everything points to the success of the application of AI in retail, its commercial adoption is at a very early stage, so there are mixed opinions regarding its future in the sector.
Although 4 out of 5 executives in the retail sector agree that Artificial Intelligence is a strategic opportunity for their business, only 1 in 4 have incorporated AI into some of their business processes.
AI, an opportunity to grow
Retailers are using AI to communicate with shoppers through personalized online experiences, conversational robots, and chatbots. Its utility in terms of customization is incredible so far, and its future promises to go even further.
AI can help retailers make the best use of screen properties on mobile devices to power e-commerce, presenting highly relevant content to each consumer.
You can generate millions of personalized landing pages and email variations, as well as personalize in-app experiences.
Given the notable benefits provided by AI in retail, there is an important sector that has expressed interest in getting closer to this technology.
They affirm that artificial intelligence and automatic learning, or also known as machine learning, would be one of the most important areas to invest in the immediate future.
On top of this, around two-thirds of retailers agree that technological innovation is likely to weaken or eliminate some of the more traditional players in the industry.
Positive experience
Retailers that already make use of AI have seen the benefit of applying this technology in some of their processes. Highlighting the positive results in terms of retail sales, personalization and direct marketing, also having a lot of potential for CPGs when it comes to product development.
The executives of the retail sector consider that there are many other strategies to be developed to take full advantage of artificial intelligence, since they consider that it can increase commercial value by streamlining processes, reducing costs and providing a more insightful analysis.
Given so many potentialities and risks, everything indicates that the mass use of AI in retail will forcefully penetrate in less than a decade for the benefit of the business and customers.
Conclusion
Every business involves risk, and the opportunity to jump on the train of the future or to be left behind is now. Despite the fact that most companies in the retail sector do not really have an AI plan in place, they still keep their eyes fixed on this new trend.
So while others think about it, it may be your chance to take a step forward. This is the ideal time to consider creating a successful AI strategy, which allows you to get ahead and get more profit than your more cautious competitors.
